Problem 14-01A a-c (Video) On January 1, 2020, Cullumber Corporation had the following stockholders' equity accounts. Common Stock ($24 par value, 59,000 shares issued and outstanding) Paid-in Capital in Excess of Par-Common Stock Retained Earnings $1,416,000 197,000 559,000 During the year, the following transactions occurred. Feb. 1 Mar. 1 Apr. 1 July 1 31 Dec. 1 31 Declared a $3 cash dividend per share to stockholders of record on February 15, payable March 1. Paid the dividend declared in February. Announced a 2-for-1 stock split. Prior to the split, the market price per share was $39. Declared a 15% stock dividend to stockholders of record on July 15, distributable July 31. On July 1, the market price of the stock was $14 per share. Issued the shares for the stock dividend. Declared a $0.60 per share dividend to stockholders of record on December 15, payable January 5, 2021. Determined that net income for the year was $332,500. Your answer is partially correct. Try again. Journalize the transactions and the closing entries for net income and dividends. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter o for the amounts. Record journal entries in the order presented in the problem.) Date Debit Credit Account Titles and Explanation X Retained Earnings Jan. 1 Dividends Payable Jan. 5v Dividends Payable Feb. 1 x Retained Earnings Feb. 1 Retained Earnings Common Stock Dividends Distributable Mar. 1 Stock Dividends Common Stock Apr.1 Dividends Payable x x July 1 Retained Earnings XP Stock Dividends July 31 Stock Dividends Common Stock (To close net income) Dec. 1 Dividends Payable (To close stock dividends) Dec. 31 Income Summary (To close stock dividends) Dec. 31 Income Summary x Retained Earnings (To close cash dividends) SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO TEXT Your answer is partially correct. Try again. Enter the beginning balances, and post the entries to the stockholders' equity accounts. (Note: Open additional stockholders' equity accounts as needed.) (Post entries in the order of journal entries presented in the previous part.) Date Debit Credit Balance Common Stock Explanation Ref X Dec. 31 Balance X X Dec. 31 Common Stock Dividends Distributable Date Explanation Ref Debit Credit Balance X Dec. 31 July 31 Paid-in Capital in Excess of Par-Common Stock Paid-in Capital in Excess of Par-Common Stock Date Explanation Ref Debit Credit Balance Jan. 5 Balance V Feb. 1 Retained Earnings Date Explanation Ref Debit Credit Balance Jan. 1 Balance Apr. 1 Net income July 31 7 Stock dividend Dec. 31 Cash dividend Dividends Date Explanation Ref Debit Credit Balance x July 31 Dec. 1 Dec. 31 Stock Dividends Date Explanation Ref Debit Credit Balance Jan. 1 Stock Dividends Date Explanation Ref Debit Credit Balance Jan. 1 Dec. 31 SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO TEXT Your answer is partially correct. Try again. Prepare a stockholders' equity section at December 31. (Enter account name only and do not provide descriptive information.) CULLUMBER CORPORATION Balance Sheet (Partial) December 31, 2020 Capital Stock Current Assets Current Liabilities Stock Dividends Total Assets X Accumulated Depreciation Prepare a stockholders' equity section at December 31. (Enter account name only and do not provide descriptive information.) CULLUMBER CORPORATION Balance Sheet (Partial) December 31, 2020 X Capital Stock Current Assets Current Liabilities Stock Dividends Total Assets X Accumulated Depreciation till i Total Current Assets Dividends Payable Total Stockholders' Equity
